Revenue projections upped $477M
Economic forecasters yesterday released updated projections showing state revenues rising more than $470 million over the next three fiscal years.
Maine's Revenue Forecasting Committee reprojected revenues for the current fiscal year to be up $111.6 million and to rise by $365.5 million for the 2012-2013 budget, according to a press release from Gov. John Baldacci's office. Baldacci attributed the rise in projections to strengthening corporate earnings and growth in personal income, fueling increases in corporate and individual income taxes, according to the release and the Kennebec Journal. The state's projected deficit is now about $840 million, down from $1.2 billion. Governor-elect Paul LePage and his budget advisers must deliver a new budget to the Legislature in February, according to the paper.
The forecasting committee is scheduled to file its final report Dec. 1.
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